Reuters reported on February 7 that Venezuela's state oil company, PDVSA, has resumed regular imports of light crude due to declining output of medium and light grades. This shift has led to bottlenecks in producing exportable blends, as highlighted by company documents and vessel tracking data.
A previous agreement allowed PDVSA to import crude and condensate from sanctioned countries such as Venezuela and Iran, using them as diluents for its heavy oil. However, issues such as debts and project disagreements have limited PDVSA's importing options since last year.
Recent data reveals that a Liberia-flagged vessel unloaded about 600,000 barrels of unidentified light crude in December at PDVSA's main terminal, Jose. Another tanker carrying a similar volume of light oil arrived at the same port last month, as per company shipping records reviewed by Reuters.
PDVSA, which is currently facing challenges in sourcing enough diluents for its oil blending operations, saw a slight increase in overall crude output in January to 1.05 million barrels per day from 1.01 million in December, according to independent estimates.
The company's struggles with light crude production in the Monagas North region have worsened due to diminished gas for oilfield reinjection. Furthermore, a key gas processing facility that suffered an incident in November has not fully restored supply to PDVSA's oilfields.
Despite a decline in Venezuelan imports of foreign crude, PDVSA's discharge of imported heavy naphtha from joint-venture partners like U.S.-based Chevron has stabilized, contributing to smoother operations in the Orinoco Belt, the country's main output region.